#MIPIM: RHDF and Turkish Orteksan sign MoU for investment in Russia

The Russian Housing Development Foundation and Turkey’s foreign trade, consulting and investment company Orteksan have signed a Memorandum of Understanding as part of the official business program at the International Real Estate Exhibition MIPIM 2015.
The MoU is aimed at developing cooperation intended for an engagement of Turkish companies in the development of residential and other properties in Russia.
Pursuant to the MoU, the parties will exchange information and organize the activity of Turkish companies planning to implement projects in Russia.
Orteksan’s Managing Partner Berksan Buyukyildiz commented on the MOU signing: “As many as 3,000 Turkish companies run operations in the Russian Federation. Currently calculated at 10 bln, Turkey’s investments in Russia are increasing annually and we’re convinced that this figure will double in the near future. Signing the MOU with RHDF will help us achieve this goal. Turkish mortgage investment trusts and construction companies would like to be more involved in the Russian market.”
“Today’s signing of the MOU with our Turkish partners is a sign of European investors’ interest in the Russian construction and development market,” said General Director of Russian Housing Development Foundation Alexander Braverman. He went on to note that the Foundation intended to actively develop projects on the creation of industrial parks, as their implementation is in line with the country’s technological development strategy and the concept of reducing dependency on natural resources.
“Turkish companies have extensive experience in the creation of technology parks, with over 200 successfully implemented projects. We are currently actively working on industrial park projects. For example, we are running a project in Ryazan in an area of 123 hectares, and another one in Smolensk region on a land plot of 136 hectares. In both cases, the regional government vigorously supports investors,” Mr. Braverman stated.
Source: RHDF